About Loan Sharks Online

Video Transcript

"Hi, this is Matt McKillen with Innovative Financial Group, and the question posed to me is what's going on with loan sharks online? It's a funny term to say "loan sharks". I want to stress one thing very importantly, that, on the Internet, it's not governed. Offers, or loans or deals that people are offering on the Internet, they're not governed the same way as, let's say, a typical bank or mortgage company in your community or your state. A lot of the people that post these types of sites are actually based in other countries, so it's really difficult for the FBI and some of the other governing agencies to regulate these people. So if you ever see where you're getting offered, for example, a loan or some type of financial gift or a grant online, first off, do not ever release your social security number to anyone. There's a lot of identity theft that goes on through these types of programs on the Internet. But if it sounds too good to be true, generally it is. And you may want to even, if you find some type of fraud, you may want to report it to some regulatory agency in your community. Again my name is Matt McKillen, and I'm with Innovative Financial Group."